How to prep for Credit case interviews, general recruiting?

Based on the most helpful WSO content, prepping for private credit interviews can be quite similar to preparing for private equity interviews. However, there are specific concepts you'll need to focus on for private credit-specific cases. Here are a few pointers to get you started:

1. Debt Comps: Understanding debt comparables is crucial to determine the appropriate coupon rate and covenants for the debt being issued. This involves analyzing similar debt instruments issued by comparable companies.

2. LBO Case Study: Often, a leveraged buyout (LBO) case study is provided. This helps assess your ability to understand the mechanics of leveraged buyouts, which is relevant since private credit deals with debt financing of such transactions.

3. Additional Concepts: While the context doesn't specify the other two concepts, it's safe to assume that they would involve understanding the creditworthiness of a borrower and the structuring of debt.

As for resources, while there are no solid private credit recruiting courses mentioned, you can still use the following:

• WSO Networking Guide: This can help you connect with professionals in the field and possibly get insights or mentorship on how to approach private credit case studies.
• Investment Banking Prep: This will provide a solid foundation in financial analysis and valuation, which are transferable skills in credit analysis.
• Private Equity Interviews: Since the prep is similar, resources for PE interview prep can be beneficial.

If you're looking for a reference case, model, or have other questions, it's suggested to reach out directly to professionals in the field. You can PM (private message) the Certified Investment Banking Professional who authored the post for more specific resources like a reference case or model.

Remember, practice is key. Work through as many case studies as you can find, and if possible, review them with someone who has experience in private credit to get feedback.

Sources: 3 Things to keep in mind for case interview prep: Fall Interview Season is around the corner, Private Credit Resources and Prep, Got interview to BCG General Associate position, how to best prepare?, leveraged finance interview - what to prep, How to prepare for an assessment center?

Swinging in with some advice for you! Prepping for private credit interviews is quite similar to prepping for private equity interviews, but with a few key differences to keep in mind. Here are three concepts you should focus on for private credit-specific cases:

1. Debt Comps (Comparable Company Analysis):

   • This involves analyzing similar companies to determine an appropriate coupon rate and covenants for the debt issuance.
   • You'll want to understand how to select comparables and adjust for differences between your target company and the comps.

2. LBO Case Study:

   • While this is common in PE, it's also relevant in private credit to understand the leverage and coverage ratios.
   • Focus on how debt structure impacts the overall return profile of an investment.

3. Additional Note:

   • Unfortunately, there aren't many solid private credit recruiting courses out there.
   • However, you can still use PE prep materials as a foundation and then build your understanding of the debt side of things.

For resources, you might want to consider: - Investment Banking Prep Courses: These can provide a good foundation in financial modeling and valuation. - Networking Guide: This can be invaluable for understanding how to connect with industry professionals and learn directly from their experience. - WSO Company Database: This can be a great resource to research firms and prepare for interviews.

If you're looking for a reference case, model, or have other questions, it's suggested to reach out directly to professionals in the field. They can provide tailored advice and potentially share resources that are more specific to private credit.

Remember, practice makes perfect. So, get your hands on as many case studies as you can and start crunching those numbers! If you need a more detailed roadmap or specific resources, feel free to reach out. Good luck with the SA 2025 recruiting season!

Sources: 3 Things to keep in mind for case interview prep: Fall Interview Season is around the corner, Private Credit Resources and Prep, Q&A: Former MBB Consultant, Got interview to BCG General Associate position, how to best prepare?, How to prepare for an assessment center?